I'm not making this stuff up. You point out the positive I point out the negative. I dont see any positive here. Just an enrichment scam. And I post why.
Note 4 – Notes Payable - Related Party
Outstanding Notes Payable at June 30, 2020 held by related parties consist of the following:
A Note Payable dated December 31, 2018 held by the CEO of the Company having a Face Value of $117,535 Canadian ($86,118 US) and accruing interest at 12% was due December 31, 2019. On December 31, 2019, the Company renewed the Note together with accrued interest of $14,104 Canadian ($10,845 US) and cash advances made to the Company of $36,473 Canadian ($28,044 US) for a 12-month period. The new Note, which was converted to USD, now has a face Value of $128,269 US. This new Note is nonconvertible, accrues interest at 12% per annum and has a maturity date of December 31, 2020.
Great deal for sleezy silanty. What normal BOD would approve this? And what is it for? Just received two loans/grants. Red flag. Scamming shareholders if you ask me.
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